Correlation Between GraniteShares 15x and Innovator ETFs
Can any of the company-specific risk be diversified away by investing in both GraniteShares 15x and Innovator ETFs at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining GraniteShares 15x and Innovator ETFs into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GraniteShares 15x Long and Innovator ETFs Trust, you can compare the effects of market volatilities on GraniteShares 15x and Innovator ETFs and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in GraniteShares 15x with a short position of Innovator ETFs. Check out your portfolio center. Please also check ongoing floating volatility patterns of GraniteShares 15x and Innovator ETFs.
Diversification Opportunities for GraniteShares 15x and Innovator ETFs
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GraniteShares and Innovator is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GraniteShares 15x Long and Innovator ETFs Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovator ETFs Trust and GraniteShares 15x is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on GraniteShares 15x Long are associated (or correlated) with Innovator ETFs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovator ETFs Trust has no effect on the direction of GraniteShares 15x i.e., GraniteShares 15x and Innovator ETFs go up and down completely randomly.
Pair Corralation between GraniteShares 15x and Innovator ETFs
If you would invest 391.00 in GraniteShares 15x Long on August 27, 2024 and sell it today you would earn a total of 7,218 from holding GraniteShares 15x Long or generate 1846.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
GraniteShares 15x Long vs. Innovator ETFs Trust
Performance |
| Timeline |
| GraniteShares 15x Long |
| Innovator ETFs Trust |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
GraniteShares 15x and Innovator ETFs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GraniteShares 15x and Innovator ETFs
The main advantage of trading using opposite GraniteShares 15x and Innovator ETFs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GraniteShares 15x position performs unexpectedly, Innovator ETFs can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Innovator ETFs will offset losses from the drop in Innovator ETFs' long position.| GraniteShares 15x vs. Direxion Daily MSFT | GraniteShares 15x vs. Direxion Daily GOOGL | GraniteShares 15x vs. Direxion Shares ETF | GraniteShares 15x vs. Direxion Daily AMZN |
| Innovator ETFs vs. Innovator MSCI EAFE | Innovator ETFs vs. Innovator MSCI EAFE | Innovator ETFs vs. Innovator ETFs Trust | Innovator ETFs vs. Innovator Russell 2000 |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |